Core Viewpoint - The People's Bank of China aims to enhance cross-border payment connectivity and develop a more open, secure, and efficient domestic QR code payment network, promoting a diverse and competitive market environment through self-regulation and market-oriented measures [1] Group 1: Payment Industry Development - The payment services have significantly improved in quality and efficiency for the real economy due to the continuous efforts of various industry stakeholders [1] - The governance of the industry has deepened, and the financial infrastructure has been strengthened, contributing to the progress of a modern payment system [1] Group 2: Cross-Border Payment Initiatives - Following the interconnection of the mainland and Hong Kong rapid payment systems in June, a unified cross-border QR code gateway began trial operations at the end of July [1] - The unified gateway adheres to principles of publicness, inclusiveness, and accessibility, supporting eligible market institutions to engage in cross-border QR code payment services [1] Group 3: Technological Innovation and Security - The payment industry is urged to accelerate technological innovation to enhance digital payment levels and maintain a leading edge [1] - There is a strong emphasis on balancing security and development, ensuring that innovation progresses within compliant frameworks to solidify the foundation for high-quality development in the payment industry [1]

Core Viewpoint - The speech by Lu Lei, Deputy Governor of the People's Bank of China, emphasizes the significant progress in the payment industry, highlighting the need for high-quality development through enhanced interconnectivity and technological innovation in payment services [1] Group 1: Industry Development - The payment services have improved in quality and efficiency, supporting the real economy through collaborative efforts from various industry stakeholders [1] - The construction of a modern payment system has achieved new results, with ongoing high-level openness and deepening industry governance [1] Group 2: Cross-Border Payment Initiatives - The interconnectivity of payment systems is essential for high-quality development, as demonstrated by the successful implementation of the cross-border QR code unified gateway, which began trial operations in late July [1] - The unified gateway adheres to principles of publicness, inclusiveness, and accessibility, allowing eligible market entities to engage in cross-border QR code payment services [1] Group 3: Technological Innovation and Security - The payment industry is urged to accelerate technological innovation to enhance digital payment levels and maintain a leading edge in the global market [1] - A balance between security and development is crucial, with a focus on compliance and innovation to ensure a solid foundation for high-quality development in the payment sector [1]

Core Insights - The 14th "China Payment and Clearing Forum" was held in Beijing, focusing on building a connected payment ecosystem and sharing the future of digital finance [1] - The People's Bank of China (PBOC) is committed to high-quality development of the payment industry, enhancing financial services, and supporting the construction of a strong financial nation [1] Group 1 - The PBOC has successfully constructed new pathways for interconnectivity in rapid payment systems, with the interconnection between mainland China and Hong Kong's rapid payment systems achieved in June this year [2] - Cross-border QR code payment interconnectivity has made significant progress, with the PBOC promoting payment service facilitation for foreign visitors to China, enhancing economic activity through retail payment interconnectivity [2] - As of September 11, the newly launched unified gateway for cross-border QR code payments processed 1.981 million transactions, amounting to 427 million yuan [2] Group 2 - China UnionPay and other clearing companies are actively promoting QR code interconnectivity with countries like Thailand, Vietnam, and Indonesia, aiming to enhance cross-border payment cooperation [2] - The domestic QR code payment interconnectivity is progressing in an orderly manner, with the payment clearing association and market entities collaborating to reduce barriers between different payment networks [2]

Core Viewpoint - The speech by General Secretary Xi Jinping at the fourth "Belt and Road" construction work symposium emphasizes the need for strategic confidence and determination to create a brighter future for the "Belt and Road" initiative, highlighting the importance of payment systems in achieving economic and cultural connectivity [1]. Group 1: Company Strategy and Development - China UnionPay's internationalization strategy has been continuously advanced since the "Belt and Road" initiative was proposed in 2013, focusing on high-level openness and cooperation [2]. - The company adheres to the principles of shared consultation, cooperation, and mutual benefit, leveraging its network, products, technology, and standards to support the "Belt and Road" markets [2][3]. - UnionPay is committed to expanding its card acceptance and issuance in "Belt and Road" countries, with nearly 90% of these markets now able to accept UnionPay cards [4]. Group 2: Payment Network Expansion - UnionPay has significantly increased its acceptance network, with coverage in various sectors such as airports, supermarkets, and restaurants, achieving over 90% acceptance in markets like Italy, New Zealand, and Turkey [4]. - The company has issued nearly 200 million UnionPay cards in "Belt and Road" countries, with one-third of these markets having local card issuance [4][5]. - UnionPay is actively promoting mobile payment products tailored to local payment habits, launching over a hundred UnionPay standard e-wallets in several markets [5]. Group 3: Technological Standards and Infrastructure - Since 2017, UnionPay has shifted its focus from traditional card services to deep cooperation on technical standards, promoting its systems and standards internationally [6][7]. - The company has participated in building financial payment infrastructure in countries like Laos and Thailand, enhancing local payment capabilities [6]. - UnionPay has developed local QR code payment standards in collaboration with other card brands in Thailand and Singapore, gaining recognition from local regulatory bodies [7]. Group 4: Future Plans and Initiatives - UnionPay's "Jinxiu Action 2024" aims to enhance payment convenience for foreign visitors to China, optimizing acceptance environments in key cities and various service sectors [8]. - The company plans to deepen its acceptance network and promote cross-border QR code network cooperation, particularly in Southeast and Central Asia [10]. - Future initiatives include localizing services to better meet user needs, seizing cross-border trade opportunities, and accelerating the establishment of payment technology standards [10].

Core Insights - PayPal has established global partnerships with major payment systems and digital wallets, aiming to enhance interoperability between PayPal and Venmo with partner wallets through the upcoming PayPal World platform [1] Group 1: Partnerships and Collaborations - The first batch of payment systems and digital wallets to collaborate with PayPal World includes Mercado Pago, NPCI International Payments Limited (UPI), PayPal, Tenpay Global, and Venmo [1] Group 2: Platform Features and Benefits - PayPal World is designed as a fully compatible technology platform that will allow local digital wallets commonly used by consumers to make payments at millions of merchants globally [1] - The platform will enable millions of business users to reach nearly two billion consumers worldwide without the need for additional integration [1]